Ontario Grain Marketing Commentary for November 27, 2019

Commodity Period Price Weekly Movement
Corn CBOT Mar 3.73¼ ↓  4 cents  
Soybeans CBOT Jan 8.82  ↓  23 cents  
Wheat CBOT Mar 5.26¾ ↑ 8 cents  
Wheat Minn. Mar 5.08½   ↓6¾ cents  
Wheat Kansas Mar 4.37½  ↑  4½ cents  
Oats CBOT Mar 3.16½ ↑  4 ¾ cents  
         
Canadian $ Mar 0.7528  ↑ 14 points  

Corn

US Corn harvest continues to trickle in. Most states are over 80% complete, but a few still have significant acres remaining. Michigan and Wisconsin are 60% complete, while North Dakota has 70% of its corn crop still in the field.

Brazilian corn exports are reported to reach 41 million tonnes this year. This increase over the previous year’s exports are attributed in part to a weak currency. With this export pace, one has to wonder how much corn remains in Brazil to export. Will the US export pace improve, or will global buyers look to the Black sea region?

Soybeans

US soybean harvest is virtually complete with approximately 6 percent of the crop yet to be harvested. Harvest reports are normally scheduled to be finished by this time. The USDA has announced that they will continue to report on harvest progress.

China continues to buy soy globally. Both Argentina and Brazil have increased sales due to China – US trade tensions. There have been reports that Argentina soybean trade is slowing due to increased domestic requirements of its soybean crushing industry.

Wheat

US Winter wheat rated good to excellent remained at 52% for this past week, while emergence was reported as 87%, up 4% from last week. 

Ukraine’s grain exports continue to expand and are up 36% this marketing year on increased wheat and corn exports. Wheat exports increased from 8.9 million tonnes to 12.9 million tonnes.  Most of The Ukraine’s grain exports are destined for Egypt, Turkey, and China.

2019 cash prices for November 27, 2019, at the market close, are as follows:

SWW at $274.19/mt ($7.46/bu), HRW at $281.51/mt ($7.66/bu),
HRS at $233.56/mt ($6.36/bu), and SRW at $269.31/mt ($7.33/bu).

We currently offer 2020 and 2021 harvest prices as well, please call 1-800-265-0550 for more information.